Ethereum
Is this the last squeeze before the Bull Run
The cryptocurrency market turned bloody last week amid investor disgust over the Federal Reserve’s hawkish stance on the inflation outlook and interest rate cuts. Although Bitcoin Undervalued altcoins from nearly $70,000 to $65,000 saw the biggest squeeze, mirrored by major altcoins Ethereum and Solana.
With losses taken and endured, investors’ biggest concern is the potential for recovery and what could trigger the expected uptrend in the second half of the year.
How to Navigate the Bear Market for Maximum Profit
One of the daunting tasks that investors face is knowing when to buy and sell cryptocurrencies. These two key events separate the winners from the losers. If one enters the market from the bottom, he will gain the most as prices rise.
Entries near or at the peak often become liquidity for those exiting to take profits. Therefore, as the crypto market bleeds, it is essential to buy low with the intention of selling high.
Since it is too difficult to determine the high or low, investors need to consider other factors such as the macro environment, crypto landscape, particular projects, technical analysis, etc. before making a decision.
Looking at the current state of the market on CoinGeckowhere the total cap fell to $2.43 trillion, opportunities to buy the dips could be plentiful.
After breaking above the support at $3,400, Ethereum price is eyeing a possible decline to $3,200. Likewise, Solana is facing increasing selling pressure, down 12.5% over the past seven days to $134.
Other altcoins are also in the red, including Binance Coin which, after recently peaking above $700, was hovering at $577 at the time of writing. XRP is crucial at $0.5 with crucial levels at $0.48 and $0.52, respectively.
Dogecoin and Toncoin close out the top ten in that order, with declines of 10% and 9.5%. Other worst-hit large-cap altcoins include Shiba Inu, Uniswap, NEAR, FET, and FIL, all with double-digit losses.
Ethereum price analysis as the last line of defense trembles
Ethereum hovered at $3,390 on Tuesday, leaving $3,400 support-turned-resistance behind. Its overall decline is within a descending channel whose support will come in handy if ETH falls to $3,350.
Ethereum Price Chart | Commercial view
The next key level to watch is the support at $3,300 marked in green. The bulls have the task of maintaining this level, otherwise Ethereum could collapse to $3,200 and move closer to $3,000, marking a strong downtrend.
For an uptrend to break out amid the ongoing crash, ETH Price should close the day above $3,400. A rebound from this level could keep investor interest high and help fuel the rally back to $4,000.
Solana Price Balancing on the Cliff’s Edge
Solana has support at $135 for her life. SOL must defend this support reinforced by the continued ascending trendline. If declines continue below this level, SOL could plunge to $130.
In May, Solana tested support at $120 before returning to $188 in the same month.
Solana Price Chart | Commercial view
Based on the RSI, the chances of recovery are increasing, but support must first be secured at $135. As the RSI heads towards the midline at 50, Solana will begin to gain momentum above $140 and then $150.
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